Nexo and Mastercard launch 'world first' crypto-backed payment card

Crypto lender Nexo said it has teamed up with Mastercard to launch the world's first "crypto-backed" payment card.

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On Wednesday crypto lender Nexo will launch what it calls the world's first "crypto-backed" payment card in collaboration with global payments company Mastercard.

This signals the latest move by crypto and financial networks to join forces as cryptocurrencies become more mainstream.

Nexo said, the card will be available in selected European countries, initially. It will allow users to spend without having to sell their digital assets. The digital assets are used as collateral to back the credit.

The card can be used at 92 million merchants worldwide where Mastercard is accepted and will allow investors to spend up to 90% of the fiat value of their crypto assets.

"The cards requires no minimum repayments, monthly, or inactivity fees. There are no FX fees for up to 20,000 Euros per month", Nexo said.

"Mastercard recognizes that digital assets are revolutionizing the financial landscape", said Raj Dhamodharan, Mastercards's head of crypto and blockchain products and partnerships.

The card will be issued by electronic money firm DiPocket.


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